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    Reuben Garner

    Research Analyst at Stifel

    Reuben Garner is an Equity Research Analyst at Benchmark Company, specializing in the Building Products and Commercial Interiors industries. Over his career, he has covered major companies such as Builders FirstSource and has demonstrated a strong track record in the building products sector. Garner began his career as a Financial Analyst at Pineno Levin & Ford Asset Management, then held analyst roles at BB&T Capital Markets and Seaport Global Securities, before joining Benchmark; he is a CFA Charterholder and holds a BS in Finance from Virginia Commonwealth University. His expertise and credentials underline his analytical acumen and commitment to excellence in equity research.

    Reuben Garner's questions to FGI Industries (FGI) leadership

    Reuben Garner's questions to FGI Industries (FGI) leadership • Q2 2025

    Question

    Reuben Garner from The Benchmark Company LLC inquired about the primary driver of the customer pause related to tariffs, the scope of the 'China plus one' sourcing strategy, and the outlook for gross margins and operating expenses for the rest of the year.

    Answer

    CEO David Bruce explained the customer pause was due to uncertainty over the magnitude of initially proposed tariffs, which were later reduced, rather than a drop in consumer demand. He confirmed the 'China plus one' strategy applies to all business segments, including sanitary ware, and anticipates a significantly different global sourcing footprint by next year. Bruce and CFO Jae Chung noted that operating expenses were prudently managed due to market uncertainty. Bruce also expressed confidence in achieving gross margins in the 'upper 20s' for the second half, supported by new business programs.

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    Reuben Garner's questions to FGI Industries (FGI) leadership • Q4 2024

    Question

    Reuben Garner of The Benchmark Company sought a detailed breakdown of the 2025 operating income guidance, particularly the impact of tariffs. He also asked about the mechanics of implementing price adjustments for tariffs, the potential need for sourcing diversification, and the risks to the flat R&R market outlook.

    Answer

    President and CEO, David Bruce, clarified that the breakeven operating income guidance for 2025 conservatively includes expected tariff pressures. He explained that FGI manages tariff impacts through collaborative price adjustments with partners, facilitated by their new SAP system. Bruce confirmed that the company is actively diversifying its sourcing to mitigate these pressures and that new program wins provide a buffer against the flat R&R market outlook.

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    Reuben Garner's questions to FGI Industries (FGI) leadership • Q3 2024

    Question

    Reuben Garner inquired about the key drivers of FGI's 20% year-over-year revenue growth, specifically asking if the success in Bath Furniture was a sustainable trend or a one-time benefit. He also questioned the gross margin decline, the reasons for lowering profitability guidance despite raising revenue forecasts, and the general industry outlook for 2025 from FGI's customers.

    Answer

    President and CEO David Bruce confirmed that the growth in Bath Furniture is sustainable and not a one-time event, attributing it to a successful reengineering of the product assortment to meet market pricing trends, which is leading to market share gains. Bruce explained the quarterly gross margin dip was temporary, caused by spiked ocean freight rates, a higher mix of cabinet shipments, and promotional costs for new products, stating confidence in returning to the 27%+ range. He noted that while these factors and continued investments in growth initiatives impacted the profitability outlook, the investments are successfully driving top-line growth that will be leveraged over time. For 2025, Bruce described the customer outlook as 'cautiously optimistic' and 'muted,' but expects FGI to outperform the market by gaining incremental new sales.

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    Reuben Garner's questions to FGI Industries (FGI) leadership • Q2 2024

    Question

    Reuben Garner of Stifel inquired about the timing and impact of the recent SAP system implementation, potential signs of consumer weakening or destocking at the entry-level, and the outlook for growth drivers within the company's control for 2025.

    Answer

    President and CEO David Bruce, with input from CFO Perry Lin, stated the SAP system went live on May 1, causing temporary shipment delays that are expected to shift into Q3, not represent lost sales. Bruce noted that destocking issues were addressed in the prior year and are not a current concern; in fact, inventory has increased to support new program launches. For 2025, he expressed cautious optimism, highlighting strong momentum in the kitchen business and new programs that should allow FGI to outpace broader market trends.

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    Reuben Garner's questions to Caesarstone (CSTE) leadership

    Reuben Garner's questions to Caesarstone (CSTE) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC questioned the drivers behind the U.S. revenue decline, asking if Australian silica-related issues were impacting U.S. demand. He also sought clarification on the sequential gross margin decrease, the year-over-year impact of pricing versus volume, and whether the recent cost-saving initiatives were already reflected in the low Q2 SG&A expenses.

    Answer

    CEO Yosef Shiran stated there was no link between Australian regulatory issues and U.S. demand, attributing softness to other market factors. CFO Nahum Trost explained the gross margin decline was due to lower production and fixed cost absorption at the Israeli plant, coupled with competitive pricing adjustments. Trost noted that while past cost actions and tight controls lowered Q2 SG&A, the newly announced $10 million in savings will begin impacting results in Q3 and Q4.

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    Reuben Garner's questions to Caesarstone (CSTE) leadership • Q1 2025

    Question

    Reuben Garner asked about the drivers behind the sequential gross margin improvement in Q1, the revenue outlook for the remainder of 2025, the potential impact of new U.S. tariffs on operations and competition, the company's sourcing from China for the U.S. market, and for clarification on the scope of the $50 million provision for silicosis lawsuits.

    Answer

    Nahum Trost (executive) attributed the sequential gross margin improvement to modest revenue growth and benefits from restructuring actions. He noted that while Q1 is historically the seasonal low, the company expects gradual revenue increases as the year progresses. Regarding the lawsuits, Trost clarified that the $50 million provision covers probable losses in Israel, Australia, and two specific U.S. cases, offset by a $31.6 million insurance receivable, with the majority of U.S. claims still in early stages and not yet provisioned. Yosef Shiran (executive) added that most competitors face similar tariff pressures, which the company will mitigate through partner negotiations and potential price increases. Shiran also confirmed that products sourced from China are not sold in the U.S., thus avoiding a direct impact from those specific tariffs.

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    Reuben Garner's questions to Caesarstone (CSTE) leadership • Q4 2024

    Question

    Reuben Garner of The Benchmark Company inquired about the current state of end markets, seeking an outlook on revenue for Q1 and the full year 2025. He also asked for a breakdown of the Q4 revenue decline between pricing pressure and volume, and requested clarification on the expected dollar amount of cost savings in 2025 from recent initiatives.

    Answer

    Executive Nahum Trost responded, stating that Q1 2025 market dynamics are expected to be similar to Q4 2024, with gradual improvement anticipated as the year progresses. He noted that the revenue decline was primarily driven by soft market conditions and project deferrals rather than significant pricing pressure. Trost confirmed that the company expects approximately $10 million in incremental cost savings in 2025 from its restructuring efforts, which are part of a larger $45 million savings program compared to 2022.

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    Reuben Garner's questions to TopBuild (BLD) leadership

    Reuben Garner's questions to TopBuild (BLD) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company asked if the downturn in new housing presents an opportunity for TopBuild to increase its focus on the residential repair and remodel (R&R) market.

    Answer

    CEO Robert Buck responded that the Service Partners distribution business actively serves the R&R market by supplying the smaller contractors who perform that work. He described it as a 'healthy part' of the business and a continued area of focus for the distribution segment.

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    Reuben Garner's questions to TopBuild (BLD) leadership • Q1 2025

    Question

    Reuben Garner of The Benchmark Company asked why the residential portion of the distribution business outperformed the installation business and whether this was due to smaller installers buying from distribution in a downturn.

    Answer

    CFO Rob Kuhns confirmed that the dynamic of smaller installers buying less-than-truckload orders from distribution was a contributing factor. However, he noted that a larger driver of the difference was the distribution segment's lower exposure to the multifamily market, which experienced a significant downturn of approximately 30% in the quarter.

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    Reuben Garner's questions to Hillman Solutions (HLMN) leadership

    Reuben Garner's questions to Hillman Solutions (HLMN) leadership • Q2 2025

    Question

    Reuben Garner of Benchmark asked if the back-half pricing and volume outlook was concentrated in the Hardware and Protective Solutions (HPS) segment. He also requested an update on the 'dual faucet' sourcing strategy and progress toward reducing China sourcing to 20%.

    Answer

    CFO Robert Kraft confirmed that the HPS segment has more pricing impact due to greater tariff exposure. President & CEO Jon Michael Adinolfi reiterated confidence in reaching the ~20% China sourcing goal by year-end, naming Thailand, Vietnam, and India as examples of countries benefiting from the supply chain diversification.

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    Reuben Garner's questions to Hillman Solutions (HLMN) leadership • Q1 2025

    Question

    Reuben Garner asked about the specific product categories remaining in China and their historical price elasticity. He also inquired whether the announced price increases are permanent or if the company has considered using surcharges, especially if tariffs are reversed.

    Answer

    President and CEO Jon Michael Adinolfi identified core fasteners, some hardware, and dip gloves as products still sourced from China, noting the company is actively developing alternative sources. Regarding pricing, he explained that due to SKU and customer complexity, they are implementing price increases rather than surcharges, but will work with customers to adjust costs over time if the tariff situation changes.

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    Reuben Garner's questions to Hillman Solutions (HLMN) leadership • Q4 2024

    Question

    Reuben Garner questioned the confidence level in the 2.5% new business growth for 2025, asking how much was already secured. He also asked about the potential costs associated with implementing price changes in stores and whether the company or its customers were building inventory ahead of possible tariffs.

    Answer

    CFO Robert Kraft confirmed that 'basically all' of the 2.5% new business growth is from committed wins, but the final result is subject to market volumes in those categories. CEO Jon Adinolfi estimated the cost of relabeling for price changes at $1 million to $2 million. The call was disconnected before he could fully address the inventory question related to tariffs.

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    Reuben Garner's questions to Builders FirstSource (BLDR) leadership

    Reuben Garner's questions to Builders FirstSource (BLDR) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company asked for geographic color on the company's housing starts forecast, particularly regarding performance in key, high-volume markets like Texas and Florida.

    Answer

    CEO Peter Jackson confirmed that the company is feeling the impact in major markets like Florida and Texas, where new construction has been significant. He noted that while some regions like the Northwest are more stable, the overall map has 'a lot of red,' and the weakness is concentrated in the core, traditional single-family starts markets where the company has a large presence.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership

    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q2 2025

    Question

    Reuben Garner questioned the sequential gross margin trends, asking why structural margins didn't see a larger boost from rising lumber prices and what was driving specialty margins lower despite volume growth. He also asked for an update on the M&A environment and seller valuations.

    Answer

    SVP, CFO & Treasurer, Kelly Wall, attributed the muted structural margin performance to a combination of competitive pressures and significant price declines in panels, which offset gains from lumber. On the specialty side, she cited ongoing competitive pressure and a product mix shift toward the multifamily channel as factors for the lower margin, noting the company is focused on absolute gross profit dollar growth. CEO & President, Shyam Reddy, commented on M&A, stating that bid-ask spreads have narrowed and more opportunities are available compared to 18-24 months ago.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC questioned the sequential gross margin trends, asking why structural margins didn't see a larger boost from rising lumber prices and why specialty margins were drifting lower despite volume growth. He also asked for an update on the M&A environment, specifically regarding seller valuations.

    Answer

    SVP, CFO & Treasurer Kelly Wall explained that structural margins were pressured by competitive dynamics and a nearly 10% price decline in panels, which offset lumber price gains. For specialty, she cited competitive pressures and a different product mix in the growing multifamily channel for the margin trend, noting a willingness to accept slightly lower margins to capture absolute gross profit dollars. CEO & President Shyam Reddy added that on the M&A front, the pipeline is active and bid-ask spreads have narrowed significantly compared to two years ago, leading to more opportunities.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC questioned the sequential gross margin changes, asking why structural margins weren't higher given rising lumber prices and what was driving specialty margins lower despite volume growth. He also requested an update on the M&A environment.

    Answer

    CFO Kelly Wall attributed the pressure on structural margins to intense competition and significant price declines in panels. For specialty margins, she cited competitive pressures and a different product mix from the growing multifamily business, noting the company is willing to accept slightly lower margins for absolute gross profit dollar growth. CEO Shyam Reddy commented on M&A, stating that bid-ask spreads have narrowed and the deal pipeline is more active than it was 18-24 months ago.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q1 2025

    Question

    Reuben Garner followed up on specialty margins, asking why competitive pressures were increasing in April despite improving volumes. He also questioned if new growth initiatives, such as multifamily and greenfields, were causing near-term margin pressure, and asked which specific products are exposed to tariffs.

    Answer

    CEO Shyam Reddy attributed the increased competition to a softer overall market with ample supply, forcing aggressive pricing to win and maintain programs. He clarified that growth in multifamily and national accounts is a strategic share gain, not a source of margin pressure, and that greenfields like Portland are performing ahead of plan. Reddy identified the PrimeLinx millwork category and lumber as the primary product areas exposed to international tariffs.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q4 2024

    Question

    Reuben Garner sought clarification on the greenfield strategy, particularly the ability to achieve a high specialty product mix early on. He also asked about any demand shifts toward Southern Yellow Pine due to tariff concerns and requested details on the company's strategy for gaining share in the multifamily housing market.

    Answer

    Shyam Reddy, President and CEO, explained that strong support from key specialty suppliers allows new greenfields to launch with a rich specialty mix, not just relying on structural products. He noted no significant demand shift to Southern Yellow Pine yet, citing U.S. mill capacity as a constraint. On multifamily, Reddy detailed a comprehensive strategy involving a dedicated team, targeting pro dealers and national accounts, and making CapEx investments in its fleet to support job site deliveries, which is successfully driving share gains in a market where BlueLinx was historically underpenetrated.

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    Reuben Garner's questions to BlueLinx Holdings (BXC) leadership • Q3 2024

    Question

    Reuben Garner sought clarification on the significant improvement in structural margins from the start of Q3 to the final 11% figure, asking if a prior inventory reserve reversal was the cause. He questioned if BlueLinx had to sacrifice volume to protect these margins and asked whether the better-than-market volume was due to a customer recovery or company-specific initiatives. Lastly, he inquired about inventory management strategies for specialty categories heading into the seasonally slower period.

    Answer

    CFO and Treasurer Andy Wamser confirmed that a $2.4 million inventory reserve taken in Q2 was reversed in Q3, which boosted the reported structural margin; he suggested the year-to-date margin of 9.8% is a more normalized figure. Wamser also highlighted that structural volume was up high-single-digits, indicating the company was not walking away from business. President and CEO Shyam Reddy attributed the strong volume performance to the company's share gain strategy rather than a broad market recovery. Regarding inventory, Reddy stated that BlueLinx manages to specific turn targets and that any customer destocking is a net benefit, with no signs of the significant inventory buildup seen post-pandemic.

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    Reuben Garner's questions to UFP INDUSTRIES (UFPI) leadership

    Reuben Garner's questions to UFP INDUSTRIES (UFPI) leadership • Q2 2025

    Question

    Reuben Garner from The Benchmark Company LLC asked whether the new Deckorators marketing campaign targets contractors or consumers, sought details on stabilization trends in the Packaging segment, and questioned how current site-built profitability compares to pre-pandemic levels.

    Answer

    CEO Will Schwartz clarified that the marketing campaign is primarily driven towards the consumer to explain the value of the SureStone technology. He described the Packaging segment as having stabilized sequentially but not yet showing signs of improvement in a still-difficult market. CFO Michael Cole added that pricing and margins in the site-built segment have largely normalized and are now under more pressure than they were pre-pandemic.

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    Reuben Garner's questions to UFP INDUSTRIES (UFPI) leadership • Q1 2025

    Question

    Reuben Garner from The Benchmark Company inquired about the specifics of the Deckorators customer transition, the total revenue capacity following recent expansions, and whether competitive pricing in the Site Built segment has stabilized or is expected to worsen.

    Answer

    Chief Executive Officer William Schwartz confirmed the Deckorators transition was mostly complete and would normalize in Q2. Chief Financial Officer Michael Cole detailed the capacity expansions, including two $100 million projects at the Sunbelt plant and the new Buffalo facility, which collectively support the goal of doubling market share over five years. Regarding Site Built pricing, Cole noted a significant step-down from Q4 to Q1 and stated that visibility is too limited to call a bottom, expecting the challenging trend to continue.

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    Reuben Garner's questions to UFP INDUSTRIES (UFPI) leadership • Q4 2024

    Question

    Reuben Garner explored the potential for UFP Industries to increase its use of Southern Yellow Pine to offset lumber tariff impacts. He also questioned the state of the Deckorators sales channel, asking if there was a noticeable difference between sell-in and sell-through, indicating potential destocking. Lastly, he asked if there were any material changes to the company's capital expenditure strategy.

    Answer

    CEO William Schwartz confirmed that if tariffs drive up prices of other wood species, the adoption of Southern Yellow Pine would likely increase, continuing a recent trend. On Deckorators, Schwartz stated he could not speak to any significant changes in channel inventory levels but noted that product takeaway is good. CFO Michael Cole addressed CapEx, reaffirming the company's commitment to an elevated spending plan for growth and automation, with no material changes to the strategy, though he noted a pivot from greenfield to M&A is always possible if valuations are right.

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    Reuben Garner's questions to UFP INDUSTRIES (UFPI) leadership • Q3 2024

    Question

    Reuben Garner from Stifel asked for a breakdown of the announced $70 million in annualized cost reductions and inquired about increased competitive pressures in markets beyond Packaging, such as Site Built construction.

    Answer

    CEO Matt Missad explained that the cost reduction initiatives are interconnected across facility consolidations, operating costs, and SG&A, making a specific breakdown by bucket difficult. CFO Mike Cole added that of the $35 million in actions currently underway, approximately half relates to SG&A and half to capacity consolidation. Regarding competition, Matt Missad confirmed that as demand softens in markets like Site Built, competitive pressure naturally increases as customers seek greater value.

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    Reuben Garner's questions to HNI (HNI) leadership

    Reuben Garner's questions to HNI (HNI) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC inquired about the drivers behind the increased earnings outlook, whether the rebound in the small and medium-sized business (SMB) segment signals broader acceleration, and the sources of outperformance in Residential Building Products.

    Answer

    CEO Jeffrey Lorenger attributed the higher EPS outlook to growing confidence in network optimization and synergy initiatives from the KII acquisition. He and CFO Vincent Berger explained the SMB rebound was more a recovery from a temporary tariff-related pause than a traditional leading indicator. For the residential segment, they cited strong competitive execution, market share gains, and early success from growth initiatives in new products and channels in both new construction and remodel/retrofit.

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    Reuben Garner's questions to HNI (HNI) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC inquired about the specific drivers behind the increased earnings outlook, whether the rebound in the SMB business signals broader market acceleration, and the sources of outperformance in the residential segment amid a challenging housing market.

    Answer

    CEO Jeffrey Lorenger and CFO Vincent Berger attributed the improved earnings outlook to increased confidence in network optimization and KII synergy benefits. They clarified that the SMB business recovery is more of a return to normalcy after a tariff-related pause, rather than a traditional leading indicator of a broader market upswing. For the residential segment, they credited the outperformance to strong competitive execution, early benefits from growth initiatives in new products and channels, and enhanced market connectivity in both new construction and remodel/retrofit.

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    Reuben Garner's questions to HNI (HNI) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC inquired about the drivers behind the increased earnings outlook, the nature of the rebound in the Small and Medium-Sized Business (SMB) segment, and the sources of outperformance in Residential Building Products.

    Answer

    Chairman, President & CEO Jeffrey Lorenger attributed the improved EPS outlook to growing confidence in network optimization and synergy initiatives. He and EVP & CFO Vincent Berger characterized the SMB rebound as a return to normalcy after a tariff-related pause, rather than a traditional leading indicator. For the Residential segment, they credited strong competitive execution, early success from growth initiatives in both new construction and remodel/retrofit channels, and the company's unique distribution model for outperforming a challenging market.

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    Reuben Garner's questions to HNI (HNI) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC inquired about the specific drivers for the increased earnings outlook, whether the rebound in the SMB business signals broader acceleration or is merely a catch-up, and the sources of outperformance in the Residential Building Products segment.

    Answer

    Chairman, President & CEO Jeffrey Lorenger attributed the higher EPS outlook to increased confidence in network optimization and synergy initiatives. Both Lorenger and EVP & CFO Vincent Berger characterized the SMB rebound as a return to normal after a temporary tariff-related pause, rather than a traditional leading indicator. They noted residential outperformance stems from strong competitive execution and early benefits from growth initiatives across both new construction and remodel channels.

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    Reuben Garner's questions to HNI (HNI) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC inquired about the drivers behind HNI's increased earnings outlook, whether the rebound in the SMB business signals broader acceleration, and the sources of outperformance in the residential segment.

    Answer

    Chairman, President & CEO Jeffrey Lorenger attributed the improved earnings outlook to growing confidence in network optimization and KII synergy realization. He characterized the SMB rebound as a return to normal after a tariff-related pause rather than a traditional leading indicator. For the residential segment, Lorenger and EVP & CFO Vincent Berger pointed to strong competitive execution, early benefits from growth initiatives, and outperformance in both new construction and remodel channels despite soft market-level permit activity.

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    Reuben Garner's questions to HNI (HNI) leadership • Q1 2025

    Question

    Reuben Garner from The Benchmark Company asked several questions regarding the SMB business, the impact of tariffs, and the outlook for the residential segment. He specifically questioned if transactional SMB activity improved in April, whether Chinese import competition presents an opportunity, what caused the change in the Q2 tariff impact, and what end-market assumptions underpin the second-half residential forecast.

    Answer

    CEO Jeff Lorenger and CFO V.P. Berger addressed the questions. Berger noted that SMB orders did pick up in the last five weeks and confirmed HNI is not dependent on Chinese imports for its products. He explained the Q2 tariff impact is a timing issue due to tariff implementation delays and honoring prices on a larger order book. Lorenger added that the residential growth outlook relies on internal strategic initiatives kicking in, particularly in remodel/retrofit, rather than expecting significant help from the housing market itself.

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    Reuben Garner's questions to HNI (HNI) leadership • Q4 2024

    Question

    Reuben Garner inquired about the strategic shift from focusing on margins to investing in growth, the specific investments in the workplace segment, the drivers behind the residential products growth forecast, and the company's exposure to the federal government market.

    Answer

    CEO Jeff Lorenger confirmed that while margin expansion remains a priority, the company is increasing investment in selling capabilities, customer experience, product development, and digital connectivity. EVP & CFO VP. Berger added that residential growth is supported by organizing around the consumer, adding selling capacity, and a strong product pipeline, without degrading margins. Regarding the federal government, both executives described it as a small but stable part of the business with no current changes in buying patterns.

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    Reuben Garner's questions to HNI (HNI) leadership • Q3 2024

    Question

    Reuben Garner inquired about the drivers of near-term softness in Residential Building Products, asking about new construction versus R&R and potential destocking. He also asked about the dichotomy between soft transactional business and strong order trends in Workplace Furnishings, and whether the residential weakness might persist into early 2025.

    Answer

    CEO Jeff Lorenger and EVP V.P. Berger explained the residential softness is concentrated in the short-cycle stove business, which is normalizing slower than expected due to economic uncertainty. For Workplace Furnishings, Lorenger noted the transactional business is historically volatile and sensitive to economic sentiment, viewing the current dip as temporary. He clarified that while contract project shipments are being delayed into 2025, this is lengthening the sales cycle and building a stronger backlog. CFO Marshall Bridges added that it is premature to project 2025 residential trends but acknowledged current conditions could persist in the near term.

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    Reuben Garner's questions to STEELCASE (SCS) leadership

    Reuben Garner's questions to STEELCASE (SCS) leadership • Q1 2026

    Question

    Reuben Garner inquired about the magnitude of the drag from the education and government sectors on Q1 orders, the resulting strength in the core corporate business, the potential for demand pull-forward from price increases, and the outlook for the full fiscal year.

    Answer

    SVP & CFO David Sylvester quantified that in the Americas, the education and government sectors represented about one-third of orders and were the source of the decline, while the other two-thirds, led by corporate customers, grew. He clarified that while there was order pull-forward ahead of price changes, it was contained within each respective quarter. He also reiterated the full-year targets for mid-single-digit organic revenue growth and adjusted operating margin expansion.

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    Reuben Garner's questions to STEELCASE (SCS) leadership • Q4 2025

    Question

    Reuben Garner from The Benchmark Company inquired about the flexibility of the new tariff recovery charge and its mechanics. He also asked for an update on growth investments, particularly regarding performance in the small and midsized business (SMB) segment.

    Answer

    SVP and CFO David Sylvester explained the tariff recovery charge is a stated percentage of list price that can be adjusted up or down depending on the tariff landscape. President and CEO Sara Armbruster clarified that recent SMB softness was specific to Europe, while the Americas SMB segment saw order growth for the full year and remains a focus for investment. Sylvester added that the AMQ brand had a 'terrific year' within the Americas.

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    Reuben Garner's questions to STEELCASE (SCS) leadership • Q3 2025

    Question

    Reuben Garner inquired about the financial impact of the new ERP system, including the nature of the $20 million in FY26 costs and potential offsets. He also asked for context on the strong 15% order growth in early December and sought a geographic breakdown of the FY26 growth forecast.

    Answer

    CFO Dave Sylvester explained the $20 million ERP impact is a year-over-year swing from capitalized to expensed costs, separate from go-live inefficiencies, and that offsetting benefits would not fully cover this in FY26. He noted the 15% order growth was on top of 7% growth in the prior year, attributing it to delayed large corporate projects. For FY26, he stated the company is targeting profitability in the International segment through volume growth and cost reductions.

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    Reuben Garner's questions to STEELCASE (SCS) leadership • Q2 2025

    Question

    Reuben Garner from The Benchmark Company asked about growth drivers outside of large corporate, commentary on a potential West Coast tech market recovery, and an overview of the challenged International segment.

    Answer

    David Sylvester, SVP & CFO, highlighted strong performance and investment in education, health, and government sectors. Sara Armbruster, President & CEO, added that investments are tailored to each segment. Regarding the West Coast, Sylvester confirmed that internal intel suggests the tech sector is 'starting to wake up.' For the International segment, Armbruster acknowledged challenges but noted strong growth in India and a continued focus on driving efficiency and margin improvement elsewhere.

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    Reuben Garner's questions to MILLERKNOLL (MLKN) leadership

    Reuben Garner's questions to MILLERKNOLL (MLKN) leadership • Q4 2025

    Question

    Reuben Garner of The Benchmark Company LLC sought clarification on the $55-60 million order pull-forward in North America, asking about the timing of those projects, trends in the sales funnel, standout end-market performance, the duration of the tariff-related margin pressure, and capital allocation priorities for fiscal 2026.

    Answer

    CFO Jeff Stutz confirmed the pull-forward estimate and noted underlying demand remained strong. President of North America Contract John Michael stated the orders were from projects in the funnel, with strength in public sector and healthcare. CEO Andi Owen explained the margin impact from tariffs is a two-quarter dynamic, with recovery expected in the second half of the year. CFO Jeff Stutz highlighted that capital allocation will now prioritize debt reduction and CapEx for new stores over the share buybacks seen in fiscal 2025.

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    Reuben Garner's questions to MILLERKNOLL (MLKN) leadership • Q3 2025

    Question

    Reuben Garner questioned the drivers behind the reduced full-year earnings outlook beyond tariffs, the strategy of using a list price increase instead of a surcharge to combat cost pressures, and the goals and expected savings from the recent restructuring actions.

    Answer

    CFO Jeff Stutz explained the outlook reflects prudence due to macroeconomic uncertainty affecting confidence, not a change in business performance. He clarified the price increase addresses broad inflation, including domestic steel, not just tariffs. The $4 million restructuring charge, mainly from workforce reduction, is expected to yield $4 million to $4.5 million in annualized savings. CEO Andrea Owen added this allows the company to protect investments in growth areas.

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    Reuben Garner's questions to MILLERKNOLL (MLKN) leadership • Q2 2025

    Question

    Reuben Garner referenced a positive dealer survey and asked for management's perspective on customer feedback post-election. He also sought clarification on the full-year guidance, noting that it implies a significant top-line and margin acceleration in the fourth quarter, and asked for the underlying revenue assumptions.

    Answer

    President of Americas Contract, John Michael, confirmed that dealer sentiment is improving and cited strong leading indicators, including a 64% year-over-year increase in 12-month funnel additions. CFO Jeff Stutz explained that the anticipated Q4 improvement is primarily a 'top-line story,' with expected revenue acceleration driving operating leverage, rather than a major margin rate expansion. He projected Q4 gross margin to be modestly better than Q2's but declined to provide a specific full-year revenue guide.

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    Reuben Garner's questions to MILLERKNOLL (MLKN) leadership • Q1 2025

    Question

    Reuben Garner asked about the long-term potential for gross margins, which have stabilized in the 38.5% to 39.5% range, and how much future improvement depends on volume versus other controllable factors. He also requested more detail on the 'improving macro backdrop' assumption embedded in the full-year guidance.

    Answer

    CFO Jeff Stutz explained that while margins have stabilized, the next significant improvement will come from leveraging fixed overhead costs as sales volume increases, an effect they anticipate in the second half of the fiscal year. CEO Andi Owen added that long-term, the planned growth of the higher-margin retail business will also contribute positively to the overall margin profile. Regarding the macro outlook, Andi Owen stated the optimism applies across all business segments, driven by increased certainty from the Fed, consistently positive leading indicators, and the potential for a housing market rebound to stimulate the retail business.

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    Reuben Garner's questions to BOISE CASCADE (BCC) leadership

    Reuben Garner's questions to BOISE CASCADE (BCC) leadership • Q1 2025

    Question

    Reuben Garner asked why EWP volumes have returned to pre-2020 levels despite a higher level of housing starts, questioning if changes in home size or type were the cause. He also inquired about the downside risk to pricing given the current volume environment and industry capacity utilization.

    Answer

    CEO Nate Jorgensen explained that the discrepancy is likely due to the mix of housing, particularly the geographic location and type of construction. For example, slab-on-grade homes in the Sun Belt require less EWP than two-story homes with basements. CFO Kelly Hibbs provided capacity utilization rates, which were 75-80% in Q1 and rose to the low 80s in April, indicating a solid operating rate relative to the demand environment.

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    Reuben Garner's questions to Quanex Building Products (NX) leadership

    Reuben Garner's questions to Quanex Building Products (NX) leadership • Q1 2025

    Question

    Reuben Garner inquired about the expected progression of margins for fiscal 2025, the reasons for the growth divergence between the cabinet and fenestration segments, and the company's confidence level in its full-year guidance.

    Answer

    CEO George Wilson clarified that the significant gross margin improvement expected for the rest of the year is due to the roll-off of a purchase price adjustment (PPA) step-up from the Tyman acquisition that impacted Q4 and Q1. Executive Scott Zuehlke attributed the segment divergence to harsher winter weather affecting the window and door market more than cabinets, and noted that cabinets often lead the cycle. Zuehlke also affirmed confidence in the full-year guidance, stating their initial outlook was realistically conservative and that expected second-half improvement is based on normal seasonality, supported by strong progress on acquisition synergies.

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    Reuben Garner's questions to Quanex Building Products (NX) leadership • Q4 2024

    Question

    Reuben Garner asked about the potential impact of tariffs on the newly combined business, particularly any exposure from Tyman's operations, and also inquired about the overall pricing outlook for the coming fiscal year.

    Answer

    CEO George Wilson stated that the Tyman team had built a robust supply chain to mitigate tariff risks and capitalize on opportunities, and he noted that tariffs have historically been a net positive for Quanex's North American cabinet business. Regarding pricing, CFO Scott Zuehlke indicated a potential for prices to be neutral to up, but emphasized that financial models are primarily driven by volume. Wilson added that the company is being cautious with pricing guidance due to macro uncertainties like inflation and potential tariff impacts.

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    Reuben Garner's questions to Quanex Building Products (NX) leadership • Q3 2024

    Question

    Reuben Garner asked for an update on customer conversations regarding the Tyman acquisition, focusing on potential revenue synergies or dis-synergies. He also inquired about any signs of consumer trade-down in the window or cabinet markets and sought a high-level perspective on whether growth could resume in 2025.

    Answer

    CEO George Wilson stated it is too early to identify specific revenue synergies but sees no initial dis-synergy risk, arguing the combined company's larger scale provides more security for customers. He noted that affordability pressures are impacting the more discretionary cabinet business more than the window business. Executive Scott Zuehlke added that while it's too early for a formal 2025 outlook, the company feels there is a prospect for a return to growth, particularly in the second half of the year.

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    Reuben Garner's questions to Installed Building Products (IBP) leadership

    Reuben Garner's questions to Installed Building Products (IBP) leadership • Q3 2024

    Question

    Reuben Garner sought clarification on the 'normalization' of volume and price/mix, asking if price/mix could turn negative. He also asked how IBP would handle pricing negotiations if fiberglass manufacturers did not announce a price increase.

    Answer

    CFO Michael Miller confirmed that headwinds from business mix (less multifamily, more production builder) will continue, creating a 'large headwind' for price/mix. CEO Jeffrey Edwards expressed high confidence that manufacturers will, in fact, announce a price increase. He explained that pricing discussions with customers always account for material costs and other inflationary pressures to find a satisfactory solution.

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    Reuben Garner's questions to Janus International Group (JBI) leadership

    Reuben Garner's questions to Janus International Group (JBI) leadership • Q3 2024

    Question

    Reuben Garner asked for a reminder of the company's long-term framework, the specific impact of commercial pricing actions on 2025 results, and whether the framework needs adjustment given current steel prices. He also sought clarity on the mechanics of project delays in new construction.

    Answer

    CEO Ramey Jackson commented that steel prices could rise again depending on the election outcome and potential tariffs. CFO Anselm Wong reiterated the long-term adjusted EBITDA margin target of 25% to 27%, stating that commercial actions would have a high-single-digit price impact on the storage business in 2025, offset by cost savings. Wong also confirmed that project delays are occurring both for projects that have already started and for those that were planned but have not yet begun.

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    Reuben Garner's questions to TREX CO (TREX) leadership

    Reuben Garner's questions to TREX CO (TREX) leadership • Q3 2024

    Question

    Reuben Garner asked for details on the onetime $5 million cost associated with the railing transition and its expected benefits. He also questioned the relationship between the inventory drawdown at distribution and weaker demand for entry-level products.

    Answer

    CEO Bryan Fairbanks explained the $5 million cost covers merchandising, literature, and other market launch expenses for the company's largest-ever new product rollout. He clarified that distributors have already adjusted their inventory to reflect weaker entry-level demand, and the Q4 drawdown aligns with their desired year-end positioning.

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    Reuben Garner's questions to BECN leadership

    Reuben Garner's questions to BECN leadership • Q1 2024

    Question

    Asked a two-part question about M&A: first, clarifying if recent low-margin acquisitions were in complementary businesses and how Beacon improves them, and second, about the current M&A pipeline and the impact of interest rates.

    Answer

    The executive confirmed the lower-margin acquisitions were primarily in the complementary business. Beacon improves them through scale, purchasing power, and operational capabilities like its TRI-BUILT brand and digital platform. The M&A pipeline remains robust and active, with no slowdown observed due to interest rate changes.

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